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MONEY With Melissa Francis

News/Business. Melissa Francis with a breakdown of the day's top stories and their impact on the American Taxpayer. New.

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01:01:00

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mpeg2video

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ac3

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1280

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720

TOPIC FREQUENCY

Ben Bernanke 8, Us 8, Egypt 7, Spiriva 5, Melissa 4, Morsi 3, Copd 3, Conor 3, Islam 3, U.s. 3, North Dakota 3, Rhianna 2, Conor Powell 2, Scott Martin 2, Google 2, Freddie Mac 2, Apple 2, Underarm 2, Motorola 2, Melissa Francis 2,
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  FOX Business    MONEY With Melissa Francis    News/Business. Melissa Francis with a breakdown of the day's  
   top stories and their impact on the American Taxpayer. New.  

    July 11, 2013
    5:00 - 6:01pm EDT  

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during the final tour. there are some like him. consider helping us. building homes for heroes. thank you. >> money with melissa francis is next. melissa: i'm melissa francis and here's what's "money" tonight. the winds are blowing against the keystone xl pipeline approval literally. opponents are planning to use windmills and solar farms to block its construction. one of the men leading the charge joins us. plus an interesting turn in egypt. it has been plagued by blackouts and gas shortages but now all of a sudden that has stopped. were they part after plot to topple mohammed morsi and the muslim brotherhood? we have details that you will want to hear. "who made money today?" they suffered more pain than just about anyone in the market this year but they have shimmering smiles today. stay tuned to find out who it is because even when they say it's not it is always about money.
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melissa: so we are starting to night with latest plan to block the keystone pipeline, both figuratively and literally actually. why not just build a wind turbine right in the way? that ii what they're thinking. a group of nebraska environmentalists and farmers are working to raise $65,000 to build renewable energy projects on land directly in the pipeline's path. we have the president of the nebraska farmers union one of the groups behind the push. how do did you come up with this idea? >> we were looking for a way to be able to use a hybrid wind and solar project to help make more concrete, what the real energy choices are for us on this issue. and by putting it right on the pipeline, we will put the president in a position where he, if he makes the decision to
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approve the pipeline, we'll have to approve the tearing down of a forward-looking renewable energy community meeting hall. melissa: it is very creative idea. at the same time i have to wonder, $65,000 does not sound like a very big wind turbine. i've been outvisitting them, inside of them, they cost millions. what are you going to do for 65,000 bucks? >> well, it certainly within the framework of small wind projects and a small wind turbine. we put up 25 kw kind of small wind turbines all the time and we also use solar which is getting more and more competitive all the time in the commercial marketplace. so we're not talking about building a wind farm. we're talking about making a commune meeting hall that will use these kinds of technologies in a very efficient and productive way. melissa: forgive me for saying this, critics say you will build a barn and put a solar panel on top or put one wind turbine on
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the top f that is what you're doing, even though it's a creative idea, it doesn't achieve the visual that you're looking for of tearing down a big, renewable project if it is one building with a little something on top. >> well, you would never, if you understand very much at all about wind turbines you would never put it on the top of a building. the wind turbine would be separate from the building -- melissa: you know what i'm saying, you're powering one building with a turbine, or you are, i read you were putting the solar panels on top, are you not? are you putting them on the bottom or? >> no, it goes on the roof. the solar panel goes on the roof. but the whole point of the thing is to highlight these new, on coming future-looking technologies that give us a much better, more viable energy future. and is in stark contrast to opening up some of the dirtiest oil on the planet in order to make a bad situation we're
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already in worse. melissa: do you need permits to do this? are you doing this on somebody's private property? do you not need a permit? >> we are checking out all of the local planning and zoning permits and all of those things. we have a staff person that is working on that and, we will comply with all of those. this is a landowner on the route. he is not signed the easement. he like a lot of other nebraska landowners do not want any part of this project. so it is with his voluntary consent that we're doing this. so, it will be a nice community meeting hall where the community can use it and also the pipeline folks can meet, so it will have some utilitarian value and be a nice addition to the community. melissa: how much money have you raised so far and what has been the reaction been like from the community? >> well, it's hard to gauge what the reaction is from the community. the folks who are involved in the pipeline issue are very excited about it and they like
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the symbolism that it represents and also sort of the, spirit that it brings and so, we're just getting a good start on fund-raising and so we're at about 15,000. right now and we'll start putting in concrete next month in august. we'll go up with the construction of the building in september. and then adding in the solar and the wind turbine will go after that. melissa: john, very creative. thanks for coming on the show. >> oh, thank you for having me. melissa: so if the group raises the money and goes ahead and builds the wind turbine or solar panel, would that be enough to actually block approval for the keystone xl? north dakota senator john hoeven supports the pipeline. he is here with his take. senator, what is the reaction to what heyou just heard? >> i'm all for developing all of our energy resources. we can certainly have wind and solar and oil and gas and all other types of energy as well.
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i don't know why one should block the others. i'm not even convinced their project would. this pipeline is underground. they may be able, they may be able to do it and still have the pipeline go underground in the same area. but again, let's develop all of our energy resources. melissa: yeah. they're definitely going for a visual. they said that this land was along the path and the gentleman who owns it, doesn't want to see that land in any circumstance, so he definitely has several dogs in this fight without question. i wonder though, when we're watching what happened in canada, with transfer of oil on rail, and the explosion that we saw and loss of lives there, you know, now the death toll is up to about 50 and still counting, still looking, that this oil is going to be moved no matter what. is the safest thing to do? >> melissa, what happened in quebec is tragic. that in fact is oil that came from north dakota and it could
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be moving by pipeline. so clearly we need this vital pipeline infrastructure. this is about moving more product, doing it safely. for example, the keystone xl pipeline will take 500 truck as day off our roads just in my state of north dakota alone. so what we're trying to do is, use the latest, greatest technology, working with canada to develop all of our energy resources and become energy independent so we don't have to bring in oil from venezuela or the middle east. this is something we ought to work on together. melissa: yeah. >> and we can. melissa: the gentleman came before you doesn't want that oil in our country whether it is by rail or pipeline no matter how it gets here. he doesn't want it. how many people are like that? how strong is the opposition? >> you know in the latest polling something like 70 to 80% of the people in the country support building the keystone xl pipeline. so it is overwhelming support. when you see something like what happened in quebec happen, our
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hearts and prayers go out to those people. we want to do things as well as we can with the right kind of infrastructure and with the greatest safety. melissa: where do you think the president is going to ultimately come down on this? i mean environmental activists are rallying outside of a fund-raiser is is at on this evening on this very issue trying to dissuade him from approving it or lending his support. how do you think he will ultimately react in the long run? >> melissa, that goes right back to your last question. i think almost 80% of the people in the latest poll in this country want this project built for energy security. he needs to make a decision for the american people, not for special interests groups that oppose it. melissa: what is your bet on what he is actually is going to do? >> i think he will approve it. we put awful lot of pressure on him. when i submitted legislation on this we got 62 votes in the united states senate supporting the keystone xl pipeline project. i think we put enough pressure
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on him. i think he will approve it but we'll see. i hope by end of august. that's what we're pushing for. melissa: before i let you go i want to ask you about the visual, it is pretty clever of this group trying to put up renewable energy in the path. do you think that would cause any kind of a slowdown? if you're trying to take this land to make the pipeline and, you know, they're sitting there were with a solar panel if they do it an maybe one wind turbine powering it up and made it a community center do they achieve a visual? >> hard to say. remember we already rerouted once in navy could accommodate concerns in the state. if my state we have all of the above. we have oil, gas, wind and we have solar. they can could exist. we'll see. let's find ways to get things done, not to block things. melissa: senator, thanks for coming on. >> thank you. melissa: time to check the fuel gauge report. more fallout from japan's fukushima nuclear disaster. the japan's nuclear regulator says radioactive groundwater is
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probably leaking into the ocean. that's not good. radioactive levels of wells in the plant are around 200 times the allowed limit but officials say there is no immediate threat to publlc health. okay. oil futures fell from a 15-month high. egypt's crisis which we'll talk about in a moment and a plunge in inventories have driven oil's raylingly and profit-taking fueled the decline. oil finished 104.91 a barrel. whew, still very expensive. investors in conocophillips are making money. raising quarterly dividend by 5.4% to 69 cents a share. wow, don't spend it all in one place. shares of conocophillips went up 1%. good for them. next on "money" power lines outages were out in morsi's egypt but now they have stopped. was it a plot to take out the muslim brotherhood?
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we have stunning revelations. nothing cure as hangover like another round of binging. stocks had red highs today. after all ben bernanke says he will cut off the supply of cheap money but he may have given the markets one drink too many. more "money" coming up. ♪ when we made our commitment to the gulf, bp had two big goals:
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melissa: turning to egypt now, we are seeing reports that the country could be facing dire food shortages soon. a former minister of morsi's ousted government admitted that they have less than two months worth of wheat. ttat is far less than previously thought. meantime morsi supporters vow to continue protesting until he is reinstated and all this as the interim government calls for the arrests of top muslim brotherhood leaders. fox news's conor powell is in cairo with latest. connor, tell us about the scene there. >> melissa this is a country still extremely divided. the muslim brotherhood is extremely anger what happened over the course of the last week. they're calling for resistance to the military in large protests tomorrow.
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in a shift after tone, they're calling for peaceful demonstrations. they have been stressing peaceful for most of this day. they denounced an attack on military general in the sinai. they seem to be softening their tone. like i said this is a country still extremely divided. transitional government is trying to fill out a full cab bet by the end of this weekend but there is a lot of political wrangling still going on so that is not a guaranty at that will happen. this country has a deep economic crisis as you said. there is a shortage of wheat according to a former minister. there are rolling blackouts and gas line problems here. there are reports that the country is short n foreign currency reserves although several arab countries stepped up and are offering billions of dollars in loans. this is country that needs more than loans. it needs a real jump-start to its economy here and that only will happen if they can come together in some type of a political consensus here. they're still struggling to form
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the interrim government, let alone deal with anger of the muslim brotherhood. dealing with economy here is a long-term problem but they first have to sort out the politics here and it doesn't appear the country is any closer to building a consensus government here which means the economic problems are likely to continue for some long period of time, melissa. melissa: conor, thanks so much for the report. stay safe. one thing getting better for millions of egyptians, access to power and gas is getting better. power outages and fuel shortages were regular occurrences before morsi's ouster. suddenly they stopped. it is saying that opposition forces conspired to him from the beginning. but are they right. we have the author of the, the battle for the soul of islam. president of american for democracy in islam. >> morsi supporters and their
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apologists here in the west are trying to find something to find an excuse for them to save face, oh, it really wasn't their fault. you know the brotherhood media arm and propogandists are all experts how to deflect responsibility, to make them into victims. the bottom line is, melissa, as conor just reported, you can't change the reality of egypt's economy. the fact that minister reports they have only 500,000 tons of wheat when they should have 10 million. the $4 billion from the gulf will be used to replenish that. you can't change the fact of youth unemployment that was tanking. that is why tens of millions when into the street. the textile industry part the labor movement is worse than it was under mubarak. these are reality not only how the brotherhood failed economically but politically it was disaster creating a tyranny of islamism that the people rejected and the brotherhood doesn't want to take responsibility. melissa: you talk about folks
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here in the u.s. in the media who are sympathetic to the muslim brotherhood. it wases "the new york times" that reported, sudden improvements in egypt suggest a campaign to undermine morsi. shortages and reemergence of police, suggest that those opposed to morsi tried to undermine the administration. that is the "new york times." do you think they're inaccurate? do you think they're trying to spin the story in a way that is positive for the muslim brotherhood? >> yeah, i think so. there are many examples of stories where "the new york times" has basically catered to a lot of muslim brotherhood legacy groups in the united states. our own reports against, or for the nypd and what they're doing, "new york times" claim we muslims were simply nonexistent in trying to support what the nypd were doing. that is long history. "new york times" report on this i think is just jumping to conclusions. they want to say that the economy is fixed and give the brotherhood some viability.
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why? base the administration has been catering to the brotherhood. has not been critical of them. the new york is trying to bolster that terrible state defendants moves, terrible white house moves which is a policy proven to be on the wrong side of history in egypt. we're trying to find some way to save face not only for the brotherhood but american foreign policy. melissa: but the part of the story you dispute you don't think there has been dramatic return to power and energy? in fact when conor powell came right before you he said there are rolling blackouts. it sound like the situation has improved but not dramatically or overnight. where do we go from here? how do we get all those things back? does the $12 billion ushered in the country since wednesday, that is got to be a step in the right direction? >> there is improvement because of consumer confidence. there was some evidence people were stockpiling and companies were stockpiling. when they see the departure of
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the brotherhood they ave more confidence. as conor said you will only get economic improvements when you start to have reinvestment in egypt. sees them abandoning hamas and iran and other radical groups they were connecting with and start to see tourism come back where the largest most economically viable area of luxor, morsi handed it over to a islam terrorist group. when they see the change they will reinvest in europe. political infrastructure of real democracy. we'll create a future egyptian economy that will be more successful. melissa: rawls a pleasure. thank you for coming on. >> thanks, melissa, appreciate it. melissa: next on "money," when you give visitors a shot of financial valium, this is what happens. ben bernanke says the days of easy money, they're not over. stocks shot to record highs. don't expect the good times to last. we'll tell you why. believe it or not the u.s. government posted a surplus in
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june. is that possible? three times bigger than expected? hmmm. time to break out the champagne? i don't think so. find out why. you ever have too much money? the government doesn't. ♪
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week. wow, buy a house quick. not getting their money's worth, fans of rhianna. they are in a uproar after she showed up 3 hours late to a concert in monte carlo last night. the tickets cost $782 a pop. they included dinner. wow, the food must be really cold considering rhianna didn't arrive until 11:30. i myself sat out waiting for rhianna at a concerted. never again. the markets need ad fistful of xanax and ben bernanke was helpful to supply. they were jumping for joy. the s&p 500 leaping to all-time highs today. the fed easing money policies are not ending anytime soon but it is no time for investors to rest oo their laurels. scott martin from united advisors joins us with more. why do you say that?
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why is it not time for investors to take a xanax and relax and watch your portfolio grow? >> listen that is something you probably could have done, melissa, for the last six months, a few years. it has been great, right? that is the funny thing. everybody is great in the bond and stock markets. we know over time that just doesn't happen n fact, bond and stocks, melissa, tend to move in different directions. bonn prices go down, yields go up and stock prices go up and vice versa typically happens on the other side. to me this is the separation where we start to see weakness in bond because the fed is starting to step away. all of a sudden they're back and step away again. they're pulling their only auna. ben bernanke coming to the table later saying oh, i didn't mean to do that. i'm back. i'm here. i'm showing up for my concert and the food's cold like you said. to me, melissa, the bond market is telling you something. reason the biggest rally we've had off june 24th, these recent lows, bond rates barely
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budged. that tells you think bond rates are set to go higher here the next few months. melissa: his comment was, he thinks we shook a lot of volatility out of the market with what he said before and we saw some jitters, and that was great. we got that out of the way. do you buy that explanation? >> i think he shook some of the volatility out there that was there a couple weeks ago but the bond market is absolutely gigantic. several trillion dollars. so, of course there is more volatility to come out there, melissa. and, yes, we shook some out. guess what? rates are not anywhere near they were say three, six months ago when the fed was still talking about not stopping this taper. now what's happened is, stocks have gone up higher and i think that's good. i think that is ultimately what ben bernanke wants but i'm telling a lot of our investors, melissa, gold, bonds, to me and gold are telling you something. there is lot of volatility there. that means they're not comfortable in their own skin. melissa: what are you telling people to do? we don't want to leave people
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scared without the knowledge of what to do. you keep watching the stock market go up and up and up at the same time. you don't want to get burned when the bottom falls out. what are you telling people? >> i think if you're at home playing in your 401 k i think you stay the course with largely stock allocated portfolio. the reason i say that, that sounds like such an aggressive move but reality i think bonds is the risks. dividend-paying stocks will pay you more than treasury bond. even high-yield bond will pay you more than treasury bonds with half the volatility. like having a double cheeseburger with half the calories of a single cheeseburger. like the great etf single thing on earth. to me the bond market is entering a lindsay lohan type environment. one good week, one bad week, one good week, one bad week. that is something you can't trust. people have to be aware of that. melissa: that's true. there are not just choices of stocks and bonds. there are other things you can do. people want to sit in cash right now because they think the bond market is scary. you doesn't want to get greedy
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in stocks. you've seen quite a run. the next time ben bernanke, he will never sound hawkish if he never sound like a complete dove we could see the market react again. what do you want to do? do you want to be in real estate? almost perfect time to transact, if you have rates and prices going up, it seems like you would want to get in there ann buy something? >> well, real estate will be tough because as know that reacts to higher interest rates. we could agree are definitely in the future, whether six, 12, 18 months ahead. melissa: you think that kills the price increase in housing? >> it might. now here's the thing. i tend to be somewhat constructive on housing here, melissa. as we know the market reacts very swiftly to small changes in rates and look at rates over last 30 days they have been smoke. that's a tough one. rising rates will eventually be good for cash positions you mention. people might, hello, earn something on money markets which we all know are zero right now. melissa: that's a great point. scott martin. always great thoughts.
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thank you. >> see you around. melissa: next on "money," news of a much lower deficit may sound great but is it all a sham? our next guest says yes and he's here to tell us why we shouldn't be celebrating. apple seems to be falling off out of its tree these days. the author of, "inside apple" says it is no longer the industry leader it once was. google is set to take over the top spot. he is here with details. "piles of money" coming up. ♪ my mantra?
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>> here is a huge number. do you know, what that is? the budget surplus for just a month of june. i know. it brings the total budget deficit through the fiscal year at $110 million. that is like nothing. is its great as it seems to be? but we should not start copying the champagne just yet but now every report that i read this as we're getting it under control in
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raising taxes and everyone was such a good idea? >> it is not all it seems to be. there are some one-off items but that is still a lot of money but a couple of things that help the number improve a lot because on this april the estimate of the full fiscal year deficit will be andy in october came not to mention $40 billion that is a lot to change. one is the sequestered with this administration that people fought against that as $43 billion for the remainder of the year and $66 billion dividend payment from the new freddie mac. melissa: why a onetime payment? they give a good provision
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it is almost heads i win a entails i do nothing but the government has said express guaranteed by their liabilities are not on the books. the risk we're taking is not reflected anywhere but the losses they have to pay out earnings to the federal government so they made a big dividend because they reverse those provisions. melissa: they pay back the government but if they pay out the profit, don't be to keep those to become healthier? >> not necessarily the capital to continue their business to figure out how to get them off the dole to have a functioning system. it is a one time they but
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there could be more next year also the federal reserve is now going to the federal government paid out the profit of the trillions of bonds and has purchased that was $2 billion last year it will be big again. melissa: this is the money we make off of the of ben bernanke balance sheet? spee vicki privity you purchase treasurys insecurities and to deposit in the vague if the fed was ever to lose money that it could wipe of the capital but it also replenish it so it cannot ask as a capital injection. melissa: this is the solution to all our problems. if week heehad cut our monthly bills and we have
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$82 billion, why not do more ? >> the goal of quantitative easing it was not the specific goal but this is an outgrowth of weakness, not strength. the economy is getting stronger and more people are@ employed and unfortunately that is not the lion's share of the improvement that we have seen. what we have seen it is not true. melissa: what is the downside to that to cater reid? -- to cater eight? >> with a net interest the government will pay is less the and it was six -- 16 years ago. the balance of parlaying it
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will be $24 billion but the amount of borrowing is 3.five times as high so when interest rates verbalize it will be more in a single year. melissa: i will say that in plain english with interest rates go up as we are seeing and he is for savings to go up the government bills for all this money. >> will take years because it has to roll over but seven or eight or nine years melissa: can't they just print the money? >> we will see what happens. has a federal judge dealt -- still the knockout punch? everyone says amazon is
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cutting -- coming on top but the author of inside apple is here because at the end of the day it is all about many. printing money. ♪
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melissa: has apple lost its luster? the kids don't seem to be going that well. the stock is down nearly 50%. aided google is spending an astonishing $500 million just to promote its new ad smart phone that comes out later this year. looks like everyone is trying to pile on apple. and adam wrote all about it for this month's "fortune" magazine. of everybody has piled on. it makes me want to buy the apple stocked item no. >> is somebody gets to be the biggest for the best we
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want to take them down. it is easy to pick on the leader and you only have one direction to go. i wrote a piece where i argue both sides of the same story i've made the case of why apple is passed the crime and why it will shine began. melissa: who won the? >> i one. when you have the eqp and win no matter what. melissa: how do you really feel? >> the stronger argument is they can never be as great again that is something we'll never see again. melissa: really? you don't think it is falling to the idea that we idolized the me and but he did not come up with those
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himself. >> no. but he was the conductor of the symphony and the curator of the museum he did not do it all himself but he really applied the final touch. if you look at the run, bipod, itunes come iphone, ipad, and it is an extraordinary runs of successes with their failure was minimal is hard to believe they could do that many again i am not saying they are in decline they will start losing money but it is a question to prepare them with their own former glory. melissa: a lot of people say that about foxy and roger ailes. now they will spend $500 million to get out from
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under their application? what does that compare globally? >> it sounds like a lot but when you think about the fact cellphone 200 of millions of units per year in this will be a global phone it is probably a drop in the bucket if it works. by the way this is exactly what apple would do with a hot product they would spend lot of money it has been masterful to spend aggressively when they have a product to promote. >> does this threat in apple or the other a android phones? who will suffer because of the campaign? >> yes. sam sony and motorola and apple against blackberry, nokia, in the sense this is the smart
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phone market but remember it is a growing market motorola was once the and stale leader and now they're trying to get back in the game. melissa: always fantastic. thank you for stopping. >> my pleasure. melissa: never ever ever leave your iphones unsupervised and one family finds they are the winner of an item thanks to the toddler. you can never have too much money. ♪
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melissa: he is already have a a great time because it is "spare change." think you for joining us. and my all-time favorite. >> there is props a and colors beverages. melissa: let's get started. give a shout out to 711 for a free slippy they are bigger than ever there now 12 ounces i loved coke slurpee know we're on to
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something i am not sure would drink to this little taller was hanging out on her dad's smart from which she won a car when he bade 1962 that only cost $225 but now the family is stock that somebody calls a day job carr. -- joe carter. good thing she did not abide the porsche. >> police feel there is a safety window when you make that of a purchase. melissa: i don't know unless they clicked through all of
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that or in less the dad by a and is lying. >> $225? but i will tell you if the kid did clinic he would probably have to go to court and but the eppley argument like i have to have intent to. melissa: you turning into a lawyer on me? >> i think that is how it would play out. >> i have a feeling like amazon like the one click purchase i don't know if that is available. melissa: i hope they used american express because they do have purchase protection. >> but to put those pieces back together? >> it is interesting.
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melissa: now with the the most brilliant pieces of jewelry i have ever seen, very comfortable. check it out. you can adjust walker matt and a with this bracelet. you are all set. when it's pelletreau, it cost $225 just like the car. >> go for it. >> it is very lindsay lohan. >> come on. >> go go go go go go. >> i would do it. i could not even fit my he answered here -- my hand in
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it. melissa: it is like war water. melissa: the cure lindsay lohan and you're not drinking. >> i like the idea. they charge so much money in the stadium you fill this with bob kennedy by the regular lemonade they'd you pour it over and to have a nice cocktail for the game. melissa: we cannot bring alcohol. >> i did a little bit of research remember the raincoat there is even abroad that they made you probably could. melissa: she did research. [laughter] research. melissa: pay attention seven you may have seen these around new york but the something seemed not right?
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the us seats was replaced with sh seriously as long. >> is cronus' jeff. you cannot do that. it is criminal mischief. melissa: you are being legal >> i apologize. but i look forward to riding the bike. >> apparently 1 billion miles has belonged to the first month.3 >> cookies that tatistic? to make them mayor obviously. he is a total killjoy.
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>> i love that slurpee. melissa: we will see you tomorrow. the willis report is next. she also has a slurpee. >> tonight on "the willis report." get ready for spiking gas prices crude-oil is way up also bad news for bacon lubbers a.m. pork prices are skyrocketing will wait until you hear why. bidding wars on housing. how to do that? the right way we're watching it all for you tonight to. gerry: all that and more